Blockchain News

Litecoin’s hashrate reached new all-time high, here’s how LTC reacted

The Litecoin Foundation has announced that Litecoin [LTC] has set a new all-time high in terms of hashrate.

According to the tweet, LTC’s hashrate surpassed 886 TH/s on February 15, 2023, at block 2,423,170. This surge showed that new miners were joining the network. BTC’s mining difficulty climbed as hashrate grew, reaching 24.4 million at press time.

This unexpected surge in the number of miners can be linked to LTC’s weekly price movement, which has increased by more than 7% in the last seven days.

Yet, Santiment’s graphic shows that, despite the hashrate grew, the number of daily active LTC addresses decreased last week. This was a negative indication because it indicated a smaller number of network users.

Aside from active addresses, the most of the indicators favored LTC and indicated that the network was performing effectively.

For example, LTC’s MVRV Ratio increased significantly in the recent several days, which was a positive development for LTC. When LTC’s Binance funding rate increased, demand from the derivatives market remained stable.

The same was true for LTC’s social volume, which reflected the currency’s appeal in the cryptocurrency market. Incidentally, the Litecoin Foundation disclosed yet another achievement for LTC: the network processed its 144 millionth transaction. Yet, LTC’s velocity appeared to be alarming as it fell over the last week.

Despite the fact that most on-chain metrics and network upgrades favored LTC, the alt failed to gain ground in the recent 24 hours.

This was good news for Litecoin, given the values of most other cryptocurrencies had dropped significantly. LTC’s price fell 1.4% in the last day, according to CoinMarketCap, and it was trading at $99.59 with a market capitalization of more than $7.19 billion at the time of writing.

LTC’s daily chart provided a clearer picture of what occurred in alt’s favor, preventing a huge drop. The Relative Strength Index (RSI) was far over the neutral level.

The Exponential Moving Average (EMA) Ribbon of LTC indicated a significant bullish advantage in the market.

Also, according to the Bollinger Bands, LTC’s price was in a considerably less volatile zone, which helped it maintain its price. Yet, the future may be difficult, as LTC’s Chaikin Money Flow (CMF) has decreased.

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